November 26, 2008 / 3:26 PM / 10 years ago

Libya sets up joint venture with Egypt's Sewedy

TRIPOLI, Nov 26 (Reuters) - Libya’s two state-owned firms have set up a 32.5 million dinars ($25 million) venture with Egypt’s El Sewedy Cables (SWDY.CA), to produce high voltage cables, state news agency Jana said on Wednesday.

El Sewedy, one of the biggest cable manufacturers in the Middle East, owns 55 percent in the joint venture named Libya’s El Mushtaraka Cables Manufacturing which produces for Libya’s domestic market, Jana reported.

Libya’s state-owned Manufacturing Investment Development Company Holding and Electricity Industries Company, also owned by the Libyan state, hold 40 percent and 5 percent respectively, it added. (Writing by Lamine Ghanmi; Editing by Richard Hubbard)

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